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UK consumers spending more on credit cards.

BANKING AND CREDIT NEWS-November 11, 2014-UK consumers spending more on credit cards

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UK financial services provider Halifax released its latest research on Monday, which reveals 61% of UK adults have a credit card and 34% of these select a credit card to take advantages of the rewards it will offer them.

Halifax said 26% of credit card holders feel more in control of their borrowing compared to three years ago, with recent figures from the British Bankers Association (BBA) showing that credit card spending in the UK currently stands at GBP12.5bn, an increase of 7% when compared to the same time last year.

The research also showed that 17% of consumers selected a card because of its good introductory offer on balance transfers. However, 63% pay off their card balance in full every month, compared to three years ago when the proportion of UK adults paying off balances in full was 58%.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:4EUUK
Date:Nov 11, 2014
Words:172
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